The present invention relates in general to the field of biobased materials. More particularly, the present invention relates to hydroxyl-functionalized polymers prepared from α-Methylene-γ-butyrolactone (MBL), also known as Tulipalin A. The present invention also relates to engineered materials prepared from the Tulipalin A-based hydroxyl-functionalized polymers using hydroxyl groups present therein as synthetic handles.